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Not sure if this has been reported (sorry, haven't been reading much lately), but the Lakers picked up a $1.5M trade exception (for Larry Nance) in the recent Cavs trade. Not that it matters — TE's are useful when operating as a cap team; Lakers will be operating as a room team.

(contd) If the Lakers free up cap to sign a FA, they will either renounce it to gain cap room, or it will drop off on its own accord when their team salary falls low enough to create cap room to sign someone.

No, they will have to renounce SOME exceptions to get under the cap, and the number of exceptions they need to renounce depends on how far under the cap they need to get. But no matter, once a can sign a FA with cap room, other exceptions fall off.